USA – Lydian, a Cambridge, MA-based startup providing sustainable, CO2-derived fuels and chemicals, raised $12M in Seed funding.
The round was led by Congruent Ventures and Galvanize Climate Solutions. Participating investors included Grok Ventures, Voyager Ventures, Union Square Ventures (USV), Overture VC, and Overlap Holdings. The company intends to use the funds to build an integrated pilot plant in 2024, which will be capable of producing over 5,000 gallons of SAF per year. Led by CEO Joe Rodden, CTO Branko Zugic, Lydian leverages proprietary, high-temperature electric reactor that enables the production of e-fuels, a category of drop-in alternatives to transportation fuels made from captured CO2 and renewable electricity. The company also aims to produce carbon-negative versions of many other industrial chemicals. Lydian is already producing small quantities of e-fuel in its Cambridge-based lab.06/09/2023
